Cashew nut exporters bullish on US market
(VOV) -Cashew nut exporters in Vietnam are facing a tough time due to multiple factors that include higher input costs, shrinking sources and trade barriers exporting to foreign countries around the globe.
However, Nguyen Duc Thanh, president of the Vietnam Cashew Nut Association (Vinacas) coming off a recent fact-finding tour to the US recently announced he sees light on the horizon for the industry.
During the visit, April 14-23, Thanh said a delegation headed by Vinacas met with US businesses in New York, New Jersey, Washington and Los Angeles along with trade associations and the US Food and Drug Administration.
Much to our surprise, we discovered there are a plethora of opportunities for elevated levels of trade once the Trans-Pacific Partnership (TPP) Agreement comes into effect, Thanh stressed.
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“Exporters operating Vietnam will be able to offer cashew nuts at a profitable yet more competitive price compared than India and other leading export nations due to lower wages, lower power charges and better trade policies,” he said.
Vietnam is not only a leading grower of cashew nuts but also one of largest processing centres in the world. Last year, it processes around 1.3 million tonnes of nuts, equal to 40% of the global volume.
It also supplied around 80,000 tonnes out of total 170,000 tonnes that the US consumed, so there is ample opportunity to increase exports to the US market by more than twofold to the US and other 10 nations that are a party to the pact.